Fundamental Reappraisal of the Discount Mechanism

The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system.

FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.

This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.

As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.